88 Energy (88E FOLLOW) states that sidewall cores, mud gas and fluid samples collected from the Merlin-1 well are currently being tested. Results are expected in the next two to twelve weeks.
Drilling commenced in early March in Merlin-1, which is part of the Peregrine Project, which encompasses nearly 200,000 hectares of contiguous area on the northern slope of Alaska. To date, Merlin-1 has been drilled to a depth of 5,267 feet and has discovered a potential hydrocarbonaceous zone.
The Alaska-based researcher said recent data from drilling the Merlin-1 well in northern Alaska has the potential to be hydrocarbonaceous Zones on site highlighted.
Several potential zones were encountered during the Merlin-1 drilling that had not previously been mapped and showed good results with reward potential, subject to the results of the above tests. An initial mapping exercise indicated that these zones may be of similar size in volume area to the primary zones.
88E said further work is needed to confirm this; However, the early work is « encouraging ». The tests at Merlin-1 are designed to determine oil saturation, oil typing, PVT properties, porosity, permeability and rock mechanics, while the cuttings also go through a cursory analysis service to aid in the interpretation of the results from the well.
The results of Merlin-1 will be incorporated into a final petrophysical interpretation. 88E Managing Director David Wall stated, « The oil shows and other encouragement seen in the Merlin-1 well bode well for Project Peregrine’s potential. We look forward to sharing the results of the laboratory analysis in over the coming weeks. «
88E has also been closely monitoring activity near the northern boundary of its Project Icewine acreage where a flow of light oil from the Kuparuk was reported from the Talitha-A well. In addition, further insights into the wettability of the Kuparuk Formation can prove to be positive for the previous interpretation of this horizon.
« It is also very positive to see that wage zones and a flow rate of light oil from zones on adjacent areas are achieved who are also prospective at Project Icewine, where an internal review has begun to determine the significance of the neighboring results, « commented Wall.
Stocks of 88E have risen nearly triple in value since early 2021, and the most recent News that drilling has commenced on the Merlin-1 well marks « an exciting and crucial time ». The stock was up 10.10% this morning at 1.33p on the news.
Drilling at the Merlin-1 well follows the Crude Oil WTI index, which hit its highest level since October 2018 last month has reached. The commodity hit highs of $ 67.98 a barrel.
Alaskan Explorer completed the acquisition of XCD Energy, which has a 100% stake in the promising Alaskan North Slope, in August 2020. The combined company will have a diversified portfolio of exploration projects on Alaska’s North Slope.
The combined company will have greater size, market exposure, funding capability and trading liquidity on the ASX and London AIM exchanges.
three key projects include Project Icewine, Yukon Leases and Project Peregrine with the assets in various stages of development that the company had already outlined this summer.
At the end of 2020, 88E were also officially reassigned the « Area A » leases at Project Icewine , which means that the work participation rate for around 40% of the project has increased from 30% to 75%.
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